Pertanyaan Ekonomi
1. What are the key factors on which external financing depends, as indicated in the AFN equation? 2. Assume that an average firm in the office supply business has a 6% profit margin, a 40% total liabilities/assets ratio, a total assets turnover of 2 times, and a dividend payout ratio of 40%. Is it true that if such a firm is to have any sales growth (g > 0) , it will be forced to borrow or to sell common stock (that is, it will need some nonspontaneous external capital even if g is very small)? Explain.
3. Would you agree that computerized corporate planning models were a fad during the 1990s but that because of a need for flexibility in corporate planning, they are no longer used by most firms? Explain.
4. Certain liability and net worth items generally increase spontaneously with increases in sales. Put a check mark (√) next to those items that typically increase spontaneously.
Accounts payable ________________ Notes payable to banks ________________ Accrued wages ________________ Accrued taxes ________________ Mortgage bonds ________________ Common stock ________________ Retained earnings ________________
5. Suppose a firm makes the following policy changes. If the change means that external nonspontaneous financial requirements (AFN) will increase, indicate this with a (+) ; indicate a decrease with a (-) ; and indicate an indeterminate or negligible effect with a 0 . Think in terms of the immediate short-run effect on funds requirements.
a. The dividend payout ratio is increased. ________________
b. Rather than produce computers in advance, a computer company decides to produce them only after an order has been received. ________________
c. The firm decides to pay all suppliers on delivery, rather than after a 30-day delay, to take advantage of discounts for rapid payment. ________________
d. The firm begins to sell on credit. (Previously, all sales had been on a cash basis.) ________________